Atlanta-based real estate investment and management company Jamestown has sold a 50% stake in Boston’s Innovation & Design Building in the city’s Seaport District to Related Fund Management. The two firms have formed a new joint venture to operate the century-old property.
At the time of sale, the value for the full property was $710 million. The 1.4 million-square-foot property once supported the nearby South Boston Army Base and was built in 1918 by the U.S. Department of Defense. The building is anchored by the Boston Design Center and is home to a mix of startups, design companies and life science tenants, including Reebok, Autodesk, America’s Test Kitchen and Ginkgo Bioworks. Related and Jamestown plan to add more lab and office space starting in 2021 to expand the tenant base and to attract more life science companies to the property.
Newmark represented Jamestown in the marketing and sale of the 50% ownership stake to Related. Related Beal, the Boston-based development arm of Related, will manage and operate the property alongside Jamestown.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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